Reinsurance renewals news and articles. Discussing the trajectory of reinsurance pricing and rates, as well as the flow of reinsurance capital at key market renewal seasons where many reinsurance programs are renewed and new reinsurance and retrocession capital and capacity is deployed.
The reinsurance cycle follows a number of key renewal seasons and the news and analysis below covers these important reinsurance market renewals.
The key reinsurance renewal periods are at January 1st, April 1st, June 1st and July 1st.
The January renewals have a particular focus on European programs, Asia Pacific (ex. Japan), casualty and specialty risks. The mid-year reinsurance renewals see a particular focus on U.S. property catastrophe reinsurance renewals, with Florida a particular focus in June. Japanese reinsurance program renewals are a major focus at April 1st.
Analysts at S&P Global Ratings explained in Monte Carlo this week that the reinsurance industry remains in a hard market, especially in property catastrophe lines of business, with the balance of power sitting with reinsurers and more demand for protection expected to come, providing new opportunities.
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Global reinsurer Hannover Re said that it expects P&C reinsurance pricing to rise again, while terms and conditions are expected to improve further, at the upcoming January 2024 renewals.
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Broker Guy Carpenter is calling for retrocession buying clients to leverage both traditional and alternative sides of the market, in order to “create competitive tension” at the upcoming January 2024 reinsurance renewals and beyond.
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Aon’s Reinsurance Solutions team intends to push reinsurers and ILS funds for rate reductions, in areas of the market where real competition is seen, with the higher-layers of towers likely to receive the most focus for price improvements for clients at the January 2024 renewals.
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The rebound in capital provided by the insurance-linked securities (ILS) market has become a key supply-side driver in the property catastrophe space, according to Joe Monaghan, Global Growth Leader Reinsurance Solutions at Aon.
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In revising its outlook on the global reinsurance sector outlook to ‘improving’ from ‘neutral’ to reflect the sector’s strengthening financial performance into 2024, Fitch Ratings has also cautioned that with capital building again, not least in catastrophe bonds and ILS, a gradual softening of the market can be expected from 2025.
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Christian Mumenthaler, the CEO of global reinsurance giant Swiss Re joined us for an interview recently and explained that he believes the hard market in reinsurance will be sustained, at least for a few years.
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After incorporating data from the mid-year renewals, global property catastrophe reinsurance rates are now estimated to have risen by approaching 30% year-to-date, according to Guy Carpenter.
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Moody’s Investors Service has surveyed reinsurance buyers and found that more than 70% of respondents expect reinsurance prices to continue to rise into 2024.
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For the global reinsurance industry, the stakes are particularly high this wind season, as the occurrence and landfall of any hurricanes that caused significant losses could propel rates even higher, while a “super-clean” wind season could lead to softening in 2024, analysts at Berenberg have said.
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